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Powerball Annuity Jackpot Analysis for Iowa

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $170,000,000 would be for a resident of Iowa, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Iowa

Drawing Date:  Sat, Sep 3, 2016
Jackpot:$170,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,558,744$639,686$127,937$1,791,121
2$2,686,681$671,670$134,334$1,880,677
3$2,821,015$705,254$141,051$1,974,711
4$2,962,066$740,517$148,103$2,073,446
5$3,110,169$777,542$155,508$2,177,118
6$3,265,678$816,419$163,284$2,285,974
7$3,428,962$857,240$171,448$2,400,273
8$3,600,410$900,102$180,020$2,520,287
9$3,780,430$945,108$189,022$2,646,301
10$3,969,452$992,363$198,473$2,778,616
11$4,167,924$1,041,981$208,396$2,917,547
12$4,376,321$1,094,080$218,816$3,063,424
13$4,595,137$1,148,784$229,757$3,216,596
14$4,824,893$1,206,223$241,245$3,377,425
15$5,066,138$1,266,535$253,307$3,546,297
16$5,319,445$1,329,861$265,972$3,723,612
17$5,585,417$1,396,354$279,271$3,909,792
18$5,864,688$1,466,172$293,234$4,105,282
19$6,157,922$1,539,481$307,896$4,310,546
20$6,465,819$1,616,455$323,291$4,526,073
21$6,789,109$1,697,277$339,455$4,752,377
22$7,128,565$1,782,141$356,428$4,989,995
23$7,484,993$1,871,248$374,250$5,239,495
24$7,859,243$1,964,811$392,962$5,501,470
25$8,252,205$2,063,051$412,610$5,776,543
26$8,664,815$2,166,204$433,241$6,065,371
27$9,098,056$2,274,514$454,903$6,368,639
28$9,552,959$2,388,240$477,648$6,687,071
29$10,030,607$2,507,652$501,530$7,021,425
30$10,532,137$2,633,034$526,607$7,372,496
Total$170,000,000$42,500,000$8,500,000$119,000,000
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